The original question has gotten all mixed up. (That never happens [Linked Image]) From what small amount of info there is I gather this most likely is the feeder from a main disco running to the panel accross the basement along the underside of the joists and not through them. Hence the "4 wire service entrance cable". If this is the actual case then it is perfectly legal. Some would say it is a hack job but that is matter of opinion. I have a similar run in my own house that was there when I moved in, however the nuts drilled 2" holes in every joist. I'll send in a picture to the photo area.